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The primary objective of this research is to provide evidence that there are two distinct layers of investor sentiments that can affect asset valuation models. The first is general market-wide sentiments, while the second is biased approaches toward specific assets.

To achieve the goal, the authors conducted a multi-step analysis of stock returns and constructed complex sentiment indices that reflect the optimism or pessimism of stock market participants. The authors used panel regression with fixed effects and a sample of the US stock market to improve the explanatory power of the three-factor models.

The analysis showed that both market-level and stock-level sentiments have significant contributions, although they are not equal. The impact of stock-level sentiments is more profound than market-level sentiments, suggesting that neglecting the stock-level sentiment proxies in asset valuation models may lead to severe deficiencies.

In contrast to previous studies, the authors propose that investor sentiments should be measured using a multi-level factor approach rather than a single-factor approach. The authors identified two distinct levels of investor sentiment: general market-wide sentiments and individual stock-specific sentiments.

This study explores citizen activism in the articulation of a politicised counter-account of Aboriginal rights. It aims to uncover the enabling factors for a successful challenge to established political norms and the obstacles to the fullest expression of a radical imagining.

Laclau and Mouffe's theory of hegemony and discourse is used to frame the movement's success in challenging the prevailing system of urbanised healthcare delivery. Empirical materials were collected through extensive ethnographic fieldwork.

The findings from this longitudinal study identify the factors that predominantly influence the transformational success of an Yaṉangu social movement, such as the institutionalisation of group identity, articulation of a discourse connected to Aboriginal rights to self-determination, demonstration of an alternative imaginary and creation of strong external alliances.

This study offers a rich empirical analysis of counter-accounting in action, drawing on Aboriginal governance traditions of non-confrontational discourse and collective accountability to conceptualise agonistic engagement. These findings contribute to the practical and theoretical construction of democratic accounting and successful citizen activism.

The purpose of this study is to examine the impact of technological diversification (TD) on enterprise innovation performance, meanwhile focusing on the moderating effects of various organizational slack (i.e. absorbed and unabsorbed slack) and ownership types (i.e. state-owned or privately-owned) in the context of Chinese listed firms.

This study formulates five hypotheses based on organization and agency theories. Our empirical analysis employs a fixed-effect regression estimator with a unique panel dataset of Chinese-listed manufacturing firms and 13,566 firm-year observations over 9 years from 2012 to 2020.

Our findings show that an inverted U-shaped relationship exists between TD and innovation performance, varying with different types of organizational slack and ownership. In state-owned enterprises (SOEs), unabsorbed slack negatively moderates the inverted U-shaped relationship; however, in privately-owned enterprises (POEs), this relationship is positively moderated. Although absorbed slack has negative moderating effects in both SOEs and POEs, its impact is only significant for POEs.

Our results imply that organizational slack has a contrasting impact on the relationship between TD and innovation performance when the type of ownership varies. Therefore, the managers that intend to achieve optimal innovation performance through TD should understand how organizational slack can be leveraged.

This study contributes to the existing literature by applying the relationship between TD and innovative performance to the transition economy, as well as examining the double-edged sword impact of state ownership on firm innovation performance.

Inclination angle has been reported to have an enhancing effect on the thermal-hydraulic characteristics and entropy of some thermal systems. Therefore, this paper aims to numerically investigate the effects of inclination angle, volume concentration and Reynolds number on the thermal and hydraulic characteristics and entropy generation rates of water-based Al₂O₃ nanofluids through a smooth circular aluminum pipe in a turbulent flow.

A constant heat flux of 2,000 Watts is applied to the circular surface of the tube. Reynolds number is varied between 4,000 and 20,000 for different volume concentrations of alumina nanoparticles of 0.5%, 1.0% and 2.0% for tube inclination angles of ±90o, ±60o, ±45o, ±30o and 0o, respectively. The simulation is performed in an ANSYS Fluent environment using the realizable kinetic energy–epsilon turbulent model.

Results show that +45o tube orientation possesses the largest thermal deviations of 0.006% for 0.5% and 1.0% vol. concentrations for Reynolds numbers 4,000 and 12,000. −45o gives a maximum pressure deviation of −0.06% for the same condition. The heat transfer coefficient and pressure drop give maximum deviations of −0.35% and −0.39%, respectively, for 2.0% vol. concentration for Reynolds number of 20,000 and angle ±90o. A 95%–99.8% and 95%–98% increase in the heat transfer and total entropy generation rates, respectively, is observed for 2.0% volume concentration as tube orientation changes from the horizontal position upward or downward.

Research investigating the effect of inclination angle on thermal-hydraulic performance and entropy generation rates in-tube turbulent flow of nanofluid is very scarce in the literature.

A novel type of heat transfer fluid known as hybrid nanofluids is used to improve the efficiency of heat exchangers. It is observed from literature evidence that hybrid nanofluids outperform single nanofluids in terms of thermal performance. This study aims to address the stagnation point flow induced by Williamson hybrid nanofluids across a vertical plate. This fluid is drenched under the influence of mixed convection in a Darcy–Forchheimer porous medium with heat source/sink and entropy generation.

By applying the proper similarity transformation, the partial differential equations that represent the leading model of the flow problem are reduced to ordinary differential equations. For the boundary value problem of the fourth-order code (bvp4c), a built-in MATLAB finite difference code is used to tackle the flow problem and carry out the dual numerical solutions.

The shear stress decreases, but the rate of heat transfer increases because of their greater influence on the permeability parameter and Weissenberg number for both solutions. The ability of hybrid nanofluids to strengthen heat transfer with the incorporation of a porous medium is demonstrated in this study.

The findings may be highly beneficial in raising the energy efficiency of thermal systems.

The originality of the research lies in the investigation of the Darcy–Forchheimer stagnation point flow of a Williamson hybrid nanofluid across a vertical plate, considering buoyancy forces, which introduces another layer of complexity to the flow problem. This aspect has not been extensively studied before. The results are verified and offer a very favorable balance with the acknowledged papers.

An increasing number of Danish municipalities wish to minimize tax avoidance due to profit shifting in their public procurement. To facilitate this effort, this study aims to develop a firm-level indicator to assess the potential risk of profit shifting (PS-risk) from Danish subsidiaries of multinational corporations to subsidiaries in low-tax jurisdictions.

Drawing from previous research, PS-risk is assumed to depend on the maximum difference in the effective corporate tax rate between the Danish subsidiary and other subsidiaries under the global ultimate owner, in conjunction with the tax regulations relevant to profit shifting. The top 400 contractors in Danish municipalities from 2017 to 2019 are identified and their relative PS-risk is estimated by combining information about corporate ownership structure with country-specific information on corporate tax rates, tax regulations and profit shifting from three independent data sets.

The PS-risk estimates are highly significantly positively correlated across the data sets and show that 17%–23% of the total procurement sum of the Danish municipalities has been spent on contracts with corporations having a medium to high PS-risk. On average, PS-risk is highest for large non-Scandinavian multinational contractors in sectors such as construction, health and information processing.

Danish public procurers may use the indicator to screen potential suppliers and, if procurement regulations permit, to ensure high-PS-risk bidders document their tax practices.

The PS-risk indicator is novel, and to the best of the authors’ knowledge, the analysis provides the first estimate of PS-risk in Danish public procurement.

This study aims to examine the multidimensional nature of institutional distance as a driver of acquisition decisions in emerging markets. Then, this study aims to offer a nuanced perspective on the role of its various formal and informal dimensions by taking into account the potential contingency role played by a firm’s context experience.

Building on institutional economics and organizational institutionalism, this study explores the heterogeneity of institutional distance and its effects on the decision to enter emerging versus advanced markets through cross-border acquisitions. Thus, institutional distance is disentangled into its formal and informal dimensions, the former being captured by regulatory efficiency, country governance and financial development. Furthermore, our framework examines the moderating effect of an acquiring firm’s experience in institutionally similar environments, defined as context experience. The hypotheses are analyzed on a sample of 496 cross-border acquisitions by Italian companies in 41 countries from 2008 to 2018.

Findings indicate that at an increasing distance in terms of regulatory efficiency and financial development, acquiring firms are less likely to enter emerging markets, while informal institutional distance is positively associated with such acquisitions. Context experience mitigates the negative effect of formal distance and enhances the positive effect of informal distance.

This study contributes to institutional distance literature in multiple ways. First, by bridging institutional economics and organizational institutionalism and second, by examining the heterogeneity of formal and informal dimensions of distance, this study offers a finer-grained perspective on how institutional distance affects acquisition decisions. Finally, it offers a contingency perspective on the role of context experience.

The digital economy has become a key force supporting the high-quality development of tourism. This paper discusses the coupling coordination relationship and spatiotemporal evolution path of digital economy and tourism in China's provinces.

This paper uses the entropy method to measure the development level of digital economy and tourism, and establishes coupling coordination model and spatial autocorrelation model to study the interaction between the two industries.

Results show that the development levels of the two industries are rising, which spatially show a progressively decreasing pattern of east-middle-northeast-west. The coupling coordination degrees of the two industries have increased steadily, but the overall level is still near maladjusted. Spatially, the positive correlation is increasing, but the incongruity of spatial agglomeration is still significant. The coupling coordination evolution path in the provinces shows differentiated characteristics. The migration path is mainly concentrated in Zones I and II. The eastern region has an obvious trend of extending to Zone III, where the tourism industry was the most affected by the pandemic.

The study helps clarify the industrial coupling and coordination relationship in various regions and formulate regional tourism digital transformation strategies to promote the high-quality development of China's tourism industry.

This paper enriches the research on the relationship between digital economy and tourism from the perspective of industrial integration. The development commonality of China's tourism digital transformation summarized provides theoretical reference and demonstration for the coordinated development of China's tourism.

This study aims to assess the effect of job insecurity, customer incivility and work–life imbalance on Lebanese bank employee workplace well-being (EWW), while investigating the moderating role that positive and negative affect might have.

Quantitative data was collected from 202 respondents and analyzed using structural equation modeling system through IBM SPSS and AMOS.

Results revealed that each of the independent variables has a negative, statistically significant effect on Lebanese bank EWW. The positive affect and the negative one are shown to have a moderating effect that lessens and boosts, respectively, these negative effects.

The study adds to the literature on EWW while highlighting the high-power distance and collectivist society that the research took place in.

Limitations include the sample size that was hoped to be larger, in addition to the self-reporting issue and what it entails in the data collection process.

The study has many practical implications, including the validation of a questionnaire in a developing Arab country, hence providing a reliable tool for researchers. HR specialists should lean toward applicants with positive affect, ensuring that their workplace is occupied by members with enhanced resilience. Furthermore, employers should support their employees’ professional growth, thus, boosting their employability during turmoil and consequently making them less vulnerable in times of economic recession.

The study’s unique context, depicted in the harsh economic and financial crisis, makes the findings on EWW of a high value.

Electric motor heating during biomass recovery and its handling on conveyor is a serious concern for the motor performance. Thus, the purpose of this paper is to design and develop a hardware prototype of master–slave electric motors based biomass conveyor system to use the motors under normal operating conditions without overheating.

The hardware prototype of the system used master–slave electric motors for embedded controller operated robotic arm to automatically replace conveyor motors by one another. A mixed signal based embedded controller (C8051F226DK), fully compliant with IEEE 1149.1 specifications, was used to operate the entire system. A precise temperature measurement of motor with the help of negative temperature coefficient sensor was possible due to the utilization of industry standard temperature controller (N76E003AT20). Also, a pulse width modulation based speed control was achieved for master–slave motors of biomass conveyor.

As compared to conventional energy based mains supply, the system is self-sufficient to extract more energy from solar supply with an energy increase of 11.38%. With respect to conventional energy based \ of 47.31%, solar energy based higher energy saving of 52.69% was reported. Also, the work achieved higher temperature reduction of 34.26% of the motor as compared to previous cooling options.

The proposed technique is free from air, liquid and phase-changing material based cooling materials. As a consequence, the work prevents the wastage of these materials and does not cause the risk of health hazards. Also, the motors are used with their original dimensions without facing any leakage problems.